CNH: USD/CNY Pushes Back Higher, Above 7.2100
Apr-16 01:20
The USD/CNY fix printed at 7.2133, versus a BBG market consensus of 7.3251. * This fresh highs in t...
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CNH: USD/CNY Fixing Under 7.1700, Error Term Narrows
Mar-17 01:19
The USD/CNY fixing printed at 7.1688, versus the BBG market consensus of 7.2217.
- The 7.1688 outcome was the lowest fixing since early Nov last year, albeit just. We had a print of 7.1691 back in early Feb.
- The fixing error was -529pips, versus -711pips on Friday.
- USD/CNH tested under 7.2300 in earlier trade, but sits near 7.2315 in latest dealings, down modestly for the session.
CHINA SETS YUAN CENTRAL PARITY AT 7.1688 MON VS 7.1738
Mar-17 01:16
- CHINA SETS YUAN CENTRAL PARITY AT 7.1688 MON VS 7.1738
FOREX: USD Index Steady, Yen Slightly Weaker Despite Lower US Equity Futures
Mar-17 00:51
Early G10 FX trends are relatively muted at this stage. The USD BBDXY index is little changed, last just under 1266 and close to recent multi month lows (1264.63).
- In the cross asset space, US equity futures have opened weaker, following strong cash gains on Friday, as the US government averted a shutdown. Eminis were down 0.45%, while Nasdaq futures were off 0.5%, with both indices up slightly from session lows.
- Weekend comments from Tsy Secretary Bessent that market corrections are healthy has weighed on sentiment early. Oil prices have also risen in the first part of trade, Brent back up over $71/bbl. The US attacked Houthi rebels over the weekend, vowing to continue such strikes until group ends attacks on shipping.
- US yields are also down a little in the first part of trade, last near 4.30% for the 10yr Tsy.
- Despite this modest risk aversion, USD/JPY is still holding close to recent highs (Friday intra-session highs were at 149.02), the pair last near 148.85/90 up a touch versus end Friday levels in the US.
- AUD/USD is little changed, last near 0.6325/30, Upside focus rests with the bull trigger at 0.6409. Initial resistance is at 0.6364, March 6 high, while support is at 0.6259, 11 March low.
- NZD/USD is up to 0.5750. Earlier highs in the pair were at 0.5763, which is around the 100-day EMA, but we can't sustain this break so far. On the data front, the earlier PMI for services dipped back into contraction territory. The improving trend is still evident but bumpy.
- Coming up the main focus will be on China house data and then Feb activity updates for retail sales, IP and fixed asset investment.
